The Institute will focus on the development of the sports betting sector in the national market and becomes the first of its kind in Brazil.
KTO Group began operating in Brazil in 2019, and the recent foundation of the Brazilian Institute of Responsible Gaming (IBJR) marks a positive step forward for sports betting regulation in the national market. The group joins leading iGaming operators BET365, Betsson Group, Entertain, Flutter, Netbet, Rei do Pitaco and Yolo Group as the institute’s founding partners.
The elected president of IBJR, André Gelfi, outlined what the institute aims to achieve:
“IBJR’s mission is to collaborate with all sectors of society that want to learn more about the industry and understand how it can be harmoniously integrated into the Brazilian economy, as it has in other countries”.
Gelfi also explained why the presence of such an institute will be important for protecting consumers and highlighted the need for regulations in the sector:
“We want to help build a safe regulatory environment for customers while financing the public sector and creating a sustainable operating environment for companies. It is clear that the sector’s sensitive aspects, such as compulsive gambling and money laundering, must be addressed in a forceful, logical, and responsible manner.”
With market regulations planned to be confirmed by the Federal Government sometime this year, the IBJR will explore methods of implementing proven strategies and ways in which to adapt them to the local environment.
CEO of KTO Group, Andreas Bardun, commented on the group’s involvement, saying “It is an honour for KTO Group to be a founding partner of IBJR alongside many of the world’s leading iGaming brands. We will be fully committed to developing a more sustainable and regulated future for the betting sector in Brazil”
The institute will get to work immediately as it plans to meet with the Federal Government and Brazilian Congress this coming weekend.